Snapchat, which famously turned down Facebook's offer to buy it for $3 billion, is in talks to raise a new round of funding that would value it at $10 billion, according to Bloomberg.
The talks are ongoing and the amount of funding may change, according to the report.
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Reps from Snapchat and Alibaba could not be reached for immediate comment.
The valuation would put Snapchat in the same range as Airbnb and Dropbox. Meanwhile, Uber recently announced a valuation of $17 billion. WhatsApp, which Facebook bought after Snapchat snubbed it, fetched $19 billion.